- "Political economy, the administration of the revenues of a nation; or the management and regulation of its resources and productive property and labor. Political economy comprehends all the measures by which the property and labor of citizens are directed in the best manner to the success of individual industry and enterprise, and to the public prosperity."
However, I would define economics as: "the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires". A more detailed definition and discussion is found in What is Economics?
Terms Related to Economics
Journal Articles on Economics